1. PRESENTATION OF FINANCIAL STATEMENTS( Ind AS I)

2. Objective of Ind AS 1
To prescribe the basis for presentation of general purpose financial statements,
To ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities.
Ind AS sets out the overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.
Standards for recognising, measuring, and disclosing specific transactions are addressed in other standards and interpretations.

3. Objective of Ind As 1
To meet that objective, financial statements provide information about an entity's:
assets
liabilities
equity
income and expenses, including gains and losses
contributions by and distributions to owners
cash flows

4. Principal Assumptions
Fair Presentation and Compliance with IFRSs
Going Concern
Accrual
Materiality , Aggregation and Disaggregation
Offsetting
Frequency of Reporting
Comparative Information ( Spl Ref to Ind AS8)
Consistency of Presentation
Reclassification of comparatives disclosure

5. Offsetting RECLASSIFICATION ADJUSTMENTS
Required or permitted by the standard
Allowances are not offsetting ( Provisions)
Can present Net Gain or Loss from a group of transactions , if they are not material
Should reflect the substance of the transaction or other events
RECLASSIFICATION ADJUSTMENTS
Amounts reclassified to PLA in the current period that were recognised in OCI in the current or previous periods.

6. FINANCIAL STATEMENTS Balance Sheet Profit and Loss Account
Other Comprehensive Income (OCI)
Statement of Changes in Equity (SOCIE)
Statement of Cash Flows
Disclosures giving disaggregation of amounts in BS, PLA and significant accounting policies, other explanatory notes
Change in accounting policy, errors and omissions, no Prior Period Item

7. Structure and Content of Financial Statements in General
the financial statements
the reporting enterprise
whether the statements are for the enterprise or for a group
Reporting Period
the presentation currency
the level of precision (thousands, millions, etc.)

8. Changes to Fin. Statement Presentation
Layout and items included on Balance Sheet and Income Statement
Balance Sheet
Presentation of Current vs. Non-Current
Income Statement
Classification of Expenses ( By nature or By Function)
Extraordinary Items
Significant Items
Changes in Equity
Disclosure of Performance Measures
Comparative financial periods are REQUIRED

9. KEY CHANGES Financial Statements BS, PLA . . . . . .
Statement of Changes in Equity
Accumulated Losses
Current and Non Current A & L
Disclosures , No Schedules
Proposed Dividend
PLA – Functional or Nature-wise
PLA two options OCI separate
PLA – Extraordinary Items, Significant Items
No Prior Period
Effect of Changes in Acctg Policy, Erors, omission etc.

10. Assets- Minimum Items Property, plant and equipment (PPE)
Investment Property
Intangible Assets
Financial Assets
Investments accounted for using Equity method
Biological assets
Inventories
Trade and other receivables
Cash and cash equivalents
Assets held for sale

11. Key Terms Normal Operating Life Cycle
Current / Non-Current Assets Current / Non-Current Liabilities

12. Statement of Financial Position (BS)
Current assets are cash; cash equivalent; assets held for collection, sale, or consumption within the entity's normal operating cycle; or assets held for trading within the next 12 months. All other assets are noncurrent.
Current liabilities are those to be settled within the entity's normal operating cycle or due within 12 months, or those held for trading, or those for which the entity does not have an unconditional right to defer payment beyond 12 months. Other liabilities are noncurrent.

13. Liabilities and Equity Minimum Items
Trade and other payables
Provisions
Financial liabilities
Current tax liabilities and assets
Deferred tax liabilities
Assets held for sale
Non-controlling interests
Presented within equity
Issued capital and reserves

14. P & L – Nature of Expenses Minimum Items
An entity shall present an analysis of expenses recognised in profit or loss using a classification based on the nature of expense method.
Revenue
Other income
Changes in inventories of finished goods and work in progress
Raw materials and consumables used
Employee benefits expense
Depreciation and amortisation expense
Other expenses
Total expenses
Profit before tax

15. COMPONENTS OF OCI Profit for the year
Other comprehensive income (items not recognized in profit or loss)(Reclassification Adjmnts) INCLUDE:
Changes in revaluation surplus
Acturial Gain and Lossses on defined Benefit Plans
Gains and losses from translating financial statements of foreign operation and also on disposal of foreign operations
Gains and losses on re-measuring AFS assets
Effective portion of gains and losses in cash flow hedge
Liabilities designated as at fair value through profit or loss, the amount of the change in fair value that is attributable to changes in the liability’s credit risk
Share of OCI of Associates, JV using Equity Method
Chgs in Acctg Policy and Correction of Errors ( IAS 8) in certain circumstances

16. NOTES ON OCI Total comprehensive income attributable to:
Reclassification adjustments : - Previously in OCI now in P&L (E.g. Disposal of Foreign Operations)
separate subtotals for those elements which may be 'recycled' (e.g. cash-flow hedging, foreign currency translation), and those elements that will not (e.g. fair value through OCI items under IFRS 9).
Require tax associated with items presented before tax to be shown separately for each of the two groups of OCI items (without changing the option to present items of OCI either before tax or net of tax)
Total comprehensive income attributable to:
Owners of the parent
Non-controlling interests

17. STATEMENT OF CHANGES IN EQUITY
Total comprehensive income
Effects of retrospective application of Acctg policy
Effects of retrospective restatement (prior period adjustment)
Reconciliation between carrying amount at the beginning and the end separately disclosing changes from:
Profit or loss
Each item of OCI
Transactions with owners in that capacity
Bifurcation of each component of Equity

18. Statement of Changes in Equity
(a) total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests;
(b)for each component of equity, the effects of retrospective application or retrospective restatement recognised in accordance with Ind AS 8;
(d)for each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period, separately disclosing each changes resulting from:
profit or loss;
each item of other comprehensive income;
transactions with owners in their capacity as owners, showing separately contributions by and distributions to owners and changes in ownership interests in subsidiaries that do not result in a loss of control; and
any item recognised directly in equity such as amount recognised directly

19. STATEMENT OF CHANGES IN EQUITY
Components of Equity
Dividend Distribution to Owners
Changes in Entity’s Equity
STATEMENT OF CASH FLOWS NOTES

25. DISCLOSURES Accounting Policies and Basis of Preparations
Statement of compliance of Ind AS
Supporting Information to the amounts in BS, PLA ,OCI etc,
Disclosures required as per Standards
Assumptions , management judgments, source of estimations,
Critical Management Judgment ( Substance over Form, Existing control over SPEs )

26. Separate Disclosure
write-downs of inventories to net realisable value or of property, plant and equipment to recoverable amount, as well as reversals of such write-downs
restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring
disposals of items of property, plant and equipment
disposals of investments
discontinuing operations
litigation settlements
other reversals of provisions

27. Ind AS 1 vis-a-vis Notified AS 1
Ind AS 1 deals with presentation of financial statements,
Existing AS 1 (issued1979) deals only with the disclosure of accounting policies.
The scope of Ind AS 1 is thus much wider and line by line comparison of the differences with the existing standard is not possible.

28. Ind AS 1 vis-a-vis Notified AS 1
(i) Explicit Statement of Compliance:
An enterprise shall make an explicit statement in the financial statements of compliance with all the Indian Accounting Standards.
Ind AS 1 allows deviation from a requirement of an accounting standard
in case the management concludes that compliance with Ind ASs will be misleading and
if the regulatory framework requires or does not prohibit such a departure.

29. Ind AS 1 vis-a-vis Notified AS 1
(ii) Current and Non-current Classification:
Ind AS 1 requires presentation and provides criteria for classification of Current / Non- Current assets / liabilities.
(iii) Extraordinary Items:
Ind AS 1 prohibits presentation of any item as ‘Extraordinary Item’
in the statement of profit and loss or
in the notes.

30. Ind AS 1 vis-a-vis Notified AS 1
(iv) Disclosure of Judgements and Assumptions made:
Ind AS 1 requires disclosure of judgments made by management while framing of accounting policies.
It requires disclosure of key assumptions about the future and other sources of measurement of uncertainty
that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within next financial year.

31. Ind AS 1 vis-a-vis Notified AS 1
(v) Classification of Expenses:
Ind AS 1 requires classification of expenses to be presented based on nature of expenses.

32. Ind AS 1 vis-a-vis Notified AS 1
(vi) Presentation of Balance Sheet:
Ind AS 1 requires presentation of balance sheet as at the beginning of the earliest period when an entity applies an accounting policy retrospectively
or makes a retrospective restatement of items in the financial statements,
or when it reclassifies items in its financial statements.

33. Ind AS 1 vis-a-vis Notified AS 1
(vii) Disclosure of Reclassified Items:
In respect of reclassification of items, Ind AS 1 requires disclosure of
nature,
amount and
reason for reclassification
in the notes to financial statements.

34. Ind AS 1 vis-a-vis Notified AS 1
(viii) Statement of Changes in Equity:
Ind AS 1 requires the financial statements to include a Statement of Changes in Equity to be shown as a separate statement,
which, inter alia, includes reconciliation between opening and closing balance
for each component of equity.

35. Ind AS 1 vis-a-vis Notified AS 1
(ix) Statement of Other Comprehensive Income:
Ind AS 1 requires that an entity shall present a single statement of profit and loss, with profit or loss and other comprehensive income presented in two sections.
The sections shall be presented together,
with the profit or loss section presented first
followed directly by the other comprehensive income section.

36. Ind AS 1 vis-a-vis Notified AS 1
(x) Inclusion of Comparative Information:
As per Ind AS 1, an entity shall include certain comparative information for understanding the current period’s financial statements.

37. Ind AS 1 vis-a-vis Notified AS 1
(xi) Classification of Long-term Loan Arrangement:
Ind AS 1 clarifies that long term loan arrangement need not be classified as current
on account of breach of a material provision,
for which the lender has agreed to waive before the approval of financial statements for issue.